State v. Gritzner

36 S.W. 39, 134 Mo. 512, 1896 Mo. LEXIS 212
CourtSupreme Court of Missouri
DecidedJune 2, 1896
StatusPublished
Cited by25 cases

This text of 36 S.W. 39 (State v. Gritzner) is published on Counsel Stack Legal Research, covering Supreme Court of Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
State v. Gritzner, 36 S.W. 39, 134 Mo. 512, 1896 Mo. LEXIS 212 (Mo. 1896).

Opinion

Shekwood, J.

The defendant appeals to this court, having been convicted under the provisions of sections 3931 and 3932, Revised Statutes, 1889, of the crime of what is colloquially called “dealing in options,” and was fined in the sum of $300.

The appeal to this court, as the offense charged is only a misdemeanor, proceeds on the theory that those sections are unconstitutional.

Those sections are as follows:

“'Sec. 3931. Option dealing prohibited — Punishment for. — All purchases and sales or pretended purchases and sales, or contracts and agreements for the purchase and sale, of the shares of stocks or bonds of any corporation, or petroleum, provisions, cotton, grain or agricultural products whatever, either on margin or otherwise, without any intention of receiving and paying for the property so bought, or of delivering the [519]*519property so sold, arid all the buying or selling or pretended buying or selling of such property on margins or on optional delivery, when the party selling the same or offering to sell the same, does not intend to have the full amount of the property on hand or under his control to deliver upon such sale, or when the party buying any of such property or offering to buy the same does not intend actually to receive the full amount of the same if purchased, are hereby declared to be gambling and unlawful, and the same are hereby prohibited. Any company, copartnership or corporation, or member, officer or agent thereof, or any person found guilty of a violation of the provisions of this section, shall be fined in a sum not less than three hundred dollars nor more than three thousand dollars.
‘‘Sec. 3932. What necessary to constitute offense. It shall not be necessary, in order to commit the offense defined in the preceding section, that both the buyer and seller shall agree to ’do any of the acts above prohibited, but the said offense shall be complete against any corporation, association, copartnership or person thus pretending or offering to sell, or thus pretending or offering to buy, whether the offer to sell or buy is accepted, or not; and any corporation, association, copartnership or person, or agent thei'eof, who shall communicate, receive, exhibit or display in any manner any such offer to buy or sell, or any statements or quotations of the prices of any such property, with a view to any such transaction as aforesaid, shall, for each such offense, be deemed and held to be an accessory thereto, and, upon conviction thereof, shall be fined the same as the principal; and any such corporation, association, copartnership, or person, or agent permitting any such communication, reception, exhibit or display shall, for every such offense, be fined a sum [520]*520not less than three hundred dollars nor more than two thousand dollars.”

The indictment contains several counts, the substance and effect of which will be here inserted:

The first count charges: That F. A. Grritzner, on the tenth day of July, 1894, at the county of Saline, in the state of Missouri, did unlawfully contract and agree with J. A. Edwards & Company for the sale of ten thousand bushels of grain, to wit: Five thousand bushels of wheat, and five thousand bushels of corn, to be delivered by the said F. A. Grritzner to the said J. A. Edwards & Company, at Chicago, Illinois, on the tenth day of December, 1894, at and for the price and sum of fifty-five cents per bushel for said wheat and forty cents per bushel for said corn, and that by said contract, and sale, the said F. A. Grritzner then and there unlawfully agreed to sell to said J. A. Edwards & Company said five thousand bushels of wheat, and said five thousand bushels of corn, at and for the price and sum of fifty-five cents per bushel for said wheat, and at and for the price and sum of forty cents per bushel for said corn, to be delivered -at Chicago, Illinois, on the tenth day of December, 1894, as aforesaid, without any intention on the part of the said F. A. .Grritzner to deliver said wheat and said corn at said time and place, or to receive the said .purchase price therefor, and that the sale and purchase and delivery of actual wheat and corn, or of any wheat and corn was never contemplated by either the said F. A. Grritzner or said J. A. Edwards & Company, but it was understood then and there between them that settlement should be made on the said- tenth day of December, 1894, by one party paying to the other the difference between the said contract price of fifty-five cents per bushel for said wheat, and forty cents per bushel for said corn, and the market price of said [521]*521wheat and said corn at the skid time and place of delivery according to the fluctuations and conditions of the market at that time, and that if the market price of said wheat and said corrí at that time and place should exceed fifty-five cents per bushel for said wheat and forty cents per bushel for said corn, the said E. A. Gritzner, by said contract of sale, unlawfully agreed to pay to said J.'A. Edwards & Company the excess, and if the market price of said wheat should.be less than fifty-five cents per bushel, and the market price of said ■'corn should be less than forty cents per bushel at said time and place of delivery, the said J. A. Edwards '& Company, by said contract, unlawfully agreed to pay to said P. A. Gritzner a sum of money equal to the "difference between the market price of said wheat and said fifty-five cents per bushel and a sum equal to the difference between the market price of said corn and said forty cents per bushel; against the peace and dignity of the state.

The second count charges in shorter terms an absolute sale of wheat, etc., by defendant to Edwards & Company, of Chicago, to be delivered at the option of defendant to Edwards & Company, without'intention on his part to have the full amount of the wheat, etc., on hand, or to deliver the same on, etc., to Edwards & Company, at Chicago, Illinois, etc., and that Edwards & Company did not intend to receive same at the time of making the contract.

The third count charges that defendant did unlawfully contract and agree with Edwards & Company to purchase of them ten thousand bushels of grain, etc., to Ne delivered by Edwards & Company to defendant at Chicago, Illinois, on the tenth of December, 1894, without any intention on the part of the defendant to receive said grain or to pay the purchase price there[522]*522for, etc. Then follow allegations similar to those in the first count.

The fourth count charges defendant with having bought ten thousand bushels of grain, of whom is not stated, to be delivered at the option of Edwards & Company, at Chicago, Illinois, on the eleventh of December, 1894, and that defendant did not intend to receive, etc., nor did Edwards & Company intend to have said grain on hand, etc.

The evidence disclosed by the record is in substance the following: That in July, 1894, certain messages were occasionally wired by defendant, then at Slater, Saline county, Missouri, to J. A. Edwards & Company (among others); at Chicago, Illinois, of the following purport and effect: “Buy five wheat,” or “buy five corn.” Whether the month was mentioned in these messages, the witness who was the telegraph operator, did not know. And neither did the witness know what the expressions “five wheat,” or “five corn,” meant. He would not say farther than this: “I suppose

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Bluebook (online)
36 S.W. 39, 134 Mo. 512, 1896 Mo. LEXIS 212, Counsel Stack Legal Research, https://law.counselstack.com/opinion/state-v-gritzner-mo-1896.